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According to some scholars in the field, 2013 was the year that marked the beginning of the use of cryptocurrencies by Venezuelans and in that year they made deals that reached investments of $1,248 in bitcoin..
Six years later that figure reached $303 million, and last year, despite hyperinflation and Covid, $246 million was traded on the Localbitcoin Exchange alone.
Venezuela is currently among the top five countries using cryptocurrencies or accessing cryptocurrency sites, i.e. the flow of money is greater than in countries with much larger economies and without inflation.
This might seem normal since we see Venezuelans in many online job sites, content platforms, surveys, etc., but I am not wrong when I say that they do not earn enough money to turn the country into a cryptographic power.
We are talking about billions of dollars that are traded and that represent much more than the country's reserves and far exceeds the GDP, and I must clarify that this statistic published and made public by the specialized portal Chainalysis, does not take into account the Petro.
Suspicions are created on the subject and the claims made by many economists in which they affirm that the dollars that enter the nation and are managed by the state are used to manage the price of the dollar and the purchase and sale of cryptocurrencies, especially Bitcoin and Ethereum, and that this has been what has managed to keep the government afloat, despite the sanctions, are credible.
Everything is subject to hypothesis, suppositions and speculations, but grandparents used to say that mathematics does not lie and 1 bitcoin has so many zeros that it is almost impossible for a person to have it by buying it with bolivars.
"Something smells fishy in Denmark" is another common phrase and the facts seem to indicate that such speculations are not far from reality and that there is a group of investors with enough money to transform the country into one of the top five world powers in crypto transactions, and for that you don't need "two lochas"
In addition, technologically the country does not compete with others that buy less cryptos, since the Internet connection is the slowest in the continent and the equipment needed to enter the virtual world is so expensive that only a small percentage can have it.
It is undoubtedly an economic mystery that may one day be unveiled because in the blockchain he who seeks finds.
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Hi @joseph1956
I agree with you, it's a mystery. In Venezuela there are many situations like these without apparent logical response.
Excellent reading, thank you for sharing.
Have a great day!
Regards.
@tipu curate 30
Hello, you are right in your research, the question you ask about the position that Venezuela occupies in the world range of cryptocurrencies is interesting, I would add that in Venezuela before the electrical crisis that was suffered and that they are still in failures, they settled in In bitcoin mining, the electrical cost was low cost because it allowed it to obtain good results and even entrepreneurs instead of investing in works or services and also because it was of intrinsic value that is not devalued and is anti-fraud, the other reason that the extraction of gold in Latin America and where the most productive mines are, they invest in this cryptocurrency motivated by speculation by the end of 2017 there was a rise until a bubble that lasted a few days and now well before the scenario of the covid -19 pandemic its value is boosted again. Thanks for your input
It is one of those mysteries that perhaps one day we will be able to know, and without a doubt those in power have made investments in this sector of cryptocurrencies to position the country among the first places in terms of the use of cryptocurrencies I suppose they saw a very suitable environment for money laundering and all the corruption that circulates in Venezuela.And of course they are taking this opportunity to use it as much as they can.
But I see it as something positive within everything, because people are educating about it and are giving a lot of space to the world of cryptocurrencies, and I think that in the short term this will benefit us, because we are already being an attractive opportunity for different investors in the world of cryptocurrencies worldwide, and that is something very important.